This article is from the Australian Property Journal archive
BRISBANE’S popular Eagle Street Pier is a step closer to a massive transformation, which will see existing buildings on the waterfront site make way for two new towers and up to 1.5 hectares of open space.
The Queensland government has given the green light for Dexus to begin a full feasibility study of the project. Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said the proposal is now at stage two the market-led proposal assessment,
There are four stages of the market-let proposal framework – preliminary assessment, initial proposal, detailed proposal and final binding offer.
“Should this project reach final approval, this will be a city-shaping development – a world-class mixed-use riverside precinct with public space at its heart,” Minister Dick said.
Dexus CEO Darren Steinberg said plans were still being developed but the opportunity was for a revitalised business and leisure destination which prioritises access to the river and the precinct from the city.
The towers could include commercial, residential, hotel or retail space. However, they would come at the expense of popular venues including restaurants Aria, Il Centra and Cha Cha Char, which operate from the existing site.
“Our government is supporting this proposal because we support jobs, and this project would represent a $1.4 billion investment in Brisbane with the potential to support around 740 jobs per annum over the life of construction,” Minister Dick said. “This proposal isn’t without complexities, but we know we need this sort of investment to grow jobs for Queenslanders, which is a key priority for our government and for me in my role as part of a key Ministerial team driving our state’s economy.”
The Dexus proposal also suggests Eagle Street be closed to vehicle traffic from the corner of Market Street to Charlotte Street to create a shaded, pedestrian and cyclist-friendly space.
Dexus will work with the Brisbane City Council and Translink to consider the feasibility of the proposal.
The market-led proposal aspect involves private sector interests seeking an exclusive commercial arrangement with government to deliver a service or infrastructure.
Lord Mayor Graham Quirk said Dexus would conduct detailed planning, including traffic impact modelling on the proposed road.
“Council will carefully consider and weigh up any potential impacts of the project against the proposed benefits to ensure the best possible outcome for Brisbane residents and businesses and our city’s road, pedestrian, cycle and public transport network.”
Steinberg said the ambition of the proposal is to “revitalise Brisbane’s premier dining hub and give back the waterfront to the Brisbane community, creating a place that celebrates Brisbane’s sub-tropical climate and delivers a global-standard business address and tourist destination in the heart of the CBD.”
He said the vision for the Waterfront Precinct aligned with Brisbane City Council’s New World City Action Plan and supported the Queensland Government’s economic development agenda.
Australian Property Journal
